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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: gujarat Year: 1975 Page 1 of about 62 results (0.058 seconds)

Dec 26 1975 (HC)

Commissioner of Income-tax, Gujarat Iii Vs. Ambika Mills Ltd.

Court : Gujarat

Decided on : Dec-26-1975

Reported in : [1976]104ITR669(Guj)

..... admissible as a deduction under section 10(2)(xv) of the indian income-tax act, 1922, equivalent to section 37(1) of the income-tax act, 1961, it is not necessary that the primary motive in incurring it must be directly to earn income thereby. 10. in the present case it cannot be dispute that if ..... followed by the court in matters like the present has been laid down by the supreme court in sree meenakshi mills ltd. v. commissioner of income-tax. the supreme court there held that the deductibility of expenditure incurred in prosecuting a civil proceeding depends upon the nature and purpose of the legal ..... of lal mills was vacated; and (c) release of the charge of land, buildings, plant and machinery of lal mill in favour of government for income-tax dues was obtained. 6. this was the arrangement in pursuance of which the debenture trust deed for rs. 25 lakhs was executed on december 3, ..... has been canvassed before the departmental authorities, before the tribunal and also before us is whether amount was revenue expenditure or capital expenditure. the income-tax officer held that this amount was spent as capital expenditure as in his view the liquidation proceedings had been initiated with a view to acquire ..... proceedings. that sum of rs. 11,750 by way of expenditure by the assessee so far as assessment year 1956-57 was concerned. the income-tax officer had disallowed that amount of rs. 11,750 by way of expenditure but the matter was taken in appeal and the appellate assistant commissioner .....

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Dec 26 1975 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Amul Transmission Line Hard ...

Court : Gujarat

Decided on : Dec-26-1975

Reported in : [1976]104ITR771(Guj)

..... , j.1. the question involved in this reference is whether at the time of giving effect to the provisions contained in section 80-i of the income-tax act, 1961 (which is hereinafter referred to as 'the act'), deduction of 8% should be made before setting off carried forward losses, carried forward depreciation and carried forward development rebate or after setting off all these ..... be given only on that component of profits and gains from business of the specified industry which is obtained after computing total income 'in accordance with the other provisions of the act.' in i.t.r. no. 115/74 (commissioner of income-tax v. cambay electric supply industrial co., ltd.), we have discussed this aspect of the matter at great length and we have ..... gains of business'. as we have already pointed out in our judgment in i.t.r. no. 115/74 (commissioner of income-tax v. cambay electric supply industrial co. ltd.), the computation of total income in accordance with the provisions of the act is a condition precedent to allowing the deduction of 8% in case of a 'priority industry.' under these circumstances, even so ..... rs. 1,01,492. now for the purpose of working out 8% deduction contemplated by section 80-i of the act, the income-tax officer first deducted the above referred total carried forward amount of rs. 1,01,492 from the total income of the assessee and then deducted 8% deduction contemplated by section 80-i. the stand of the assessee-company is that .....

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Dec 24 1975 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Cambay Electric Supply Indu ...

Court : Gujarat

Decided on : Dec-24-1975

Reported in : [1976]104ITR744(Guj)

..... . 3,500 distributed by the liquidator of the company and received by the assessee as a shareholder, was 'dividend' within the meaning of section 2(6a)(c) of the indian income-tax act, 1922 while considering this question, the court construed the true character of the receipt of rs. 1,570 which was described as 'deemed profit' under section 10(2)(vii) and ..... , in which the tribunal has referred the following two questions for our opinion : '(1) whether the tribunal was correct in holding that the profits under section 41(2) of the income-tax act, 1961, arising from the sale of machinery and bulidings, amounting to rs. 7,55,807 should be taken into account while computing the deduction at 8% under section 80e(1 ..... . this reference raises some interesting, though some what complicated, questions regarding the mode in which and the fund from which deduction of 8% contemplated by section 80e(1) of the income-tax act, 1961 (as it stood at the relevant time), should be calculated. 2. short facts of the case are that the respondent-assessee is an electric supply company working at compay ..... ,658. thus, the total of this unabsorbed depreciation and development rebate came to rs. 4,83,343. 7. the additional commissioner of income-tax having come to know about this assessment took action contemplated by section 263 of the act and called for and examined the record and proceedings, after giving to the assessee an opportunity to show cause why the assessment carried .....

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Dec 23 1975 (HC)

Commissioner of Income-tax, Gujarat-i Vs. Rashmi Trading

Court : Gujarat

Decided on : Dec-23-1975

Reported in : [1976]103ITR312(Guj)

..... assessee as of the date of accrual of the benefit. 5. we may point out that sampath iyengar in his commentary on income-tax act, sixth edition, section volume, at page 1077, has observed in connection with section 41(1) as follows : 'the words ..... rs. 42,945 should be included. the income-tax officer relied upon section 41(1) of the income-tax act, 1961, for the purpose of holding that the amount should be included in the income for the assessment year 1966-67. against the decision of the income-tax officer, the assessee went in appeal before the ..... appellate assistant commissioner. the appellate assistant commissioner relied upon the decision of the allahabad high court in jagatnarain durga prasad v. commissioner of income-tax ..... the value of benefit accruing to him, shall be deemed to be profits and gains of business or profession and accordingly chargeable to income-tax as the income of that previous year, whether the business or profession in respect of which the allowance or deduction has been made is in existence ..... 6. we find that in commissioner of income-tax v. lakshmamma, hegde j., as he then was, in the mysore high court, has observed regarding section 10(2a) of the act of 1922 which was equivalent to section 41(1) of the present act as follows : 'it is true that in .....

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Dec 22 1975 (HC)

Commissioner of Income-tax, Gujrat Vs. Cotton Fabrics Ltd.

Court : Gujarat

Decided on : Dec-22-1975

Reported in : [1976]104ITR233(Guj)

..... interpretation of the question before us as made by the calcutta high court and no useful purpose will be served by our referring to all the provisions of the english income tax act and the different decisions which are exhaustively dealt with in the calcutta high court judgment. we agree with the reasoning of the learned judges of the calcutta high court who ..... the lines that we have in india. in the english statute there is no provision corresponding to the provision of the indian income-tax act which specifically provides that amounts deducted from the dividend income of a member will constitute payment of income-tax by the member. unlike the position in india, the amounts so deducted by companies are not made over to the revenue authority ..... assessment year 1964-65 and the facts leading to this reference are few. the assessee is a limited company. it derived income mostly from dividend and interest. in the original assessment the income-tax officer allowed double tax relief under section 91 of the income-tax act, 1961, to the extent of rs. 9,497. out of this relief, an amount of rs. 8,870 was in ..... assessed in the said country.' 8. it may be pointed out that under the indian income-tax act, 1922, section 49d, which was introduced in the act with effect from april 1, 1952, by section 24 of the indian income-tax (amendment) act, 1953, was equivalent to section 91 of the act of 1961 and the explanation, clause (iii), of section 49d was in identical terms as the .....

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Dec 18 1975 (HC)

Additional Commissioner of Income-tax, Gujarat Vs. Mukur Corporation

Court : Gujarat

Decided on : Dec-18-1975

Reported in : [1978]111ITR312(Guj)

..... t.u. mehta, j.1. the question involved in this reference is with regard to the extent of the revisional powers of the commissioner acting under section 263 of the income-tax act, 1961 (which is hereinafter referred to as 'the act'). 2. the facts which give rise to this reference can be shortly stated as under. the respondent-assessee was a registered partnership firm consisting ..... dr. vyas was that dev & co. consisted of brothers, wives, father-in-law and brother-in-law of two partners of the assessee-firm. the commissioner found that the income-tax officer has acted to the prejudice of the revenue in not making any inquiry as regards the constitution of dev & co. 11. being aggrieved by this order of the commissioner, the respondent ..... to make fresh assessment. the facts of that case were that the only ground upon which action was taken by the commissioner under section 33b (of the act of 1922) was that the income-tax officer did not apply his mind to the claim of the assessee as contained in part d of the return. the court found that the commissioner himself did ..... relevant for our purpose, is in the following terms : '(1) the commissioner may call for and examine the record of any proceeding under this act, and if he considers that any order passed therein by the income-tax officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity of .....

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Dec 17 1975 (HC)

Commissioner of Income-tax, Gujarat-iii Vs. Steel Cast Corporation

Court : Gujarat

Decided on : Dec-17-1975

Reported in : [1977]107ITR683(Guj)

..... incurred wholly and exclusively for the purpose of the assessee's business and as such allowable as a deduction under section 10(2)(xv) of the indian income-tax act, 1922, corresponding to section 37 of the income-tax act, 1961. the assessee thereupon made an application to the tribunal for raising an additional ground of appeal challenging the disallowance of the third claim and this ..... urged before the appellate assistant commissioner or not and it will be open to the tribunal to dispose of the appeal under section 260, sub-section (1) of the income-tax act, in the light of the observations made by this court after determining the question which ought to have been decided first. that will be no order as to costs of ..... before the appellate tribunal claimed in the alternative that the amount laid out was in any event expenditure for current repairs allowable under section 10(2)(v) of the indian income-tax act, 1922. the tribunal inspected the factory, studied the working of the machinery and considered the literature of the manufacturers and held that though development rebate was not admissible the ..... the tribunal with a grievance that though at the time of the arguments before the appellate assistant commissioner the assessee had orally contended that relief under section 80j of the income-tax act, 1961, should have been granted, the appellate assistant commissioner had not considered this submission made on behalf of the assessee. at the time of the hearing before the appellate .....

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Dec 16 1975 (HC)

Narandas Hargovind Das and ors. Vs. Gujarat Sales Tax Tribunal and ors ...

Court : Gujarat

Decided on : Dec-16-1975

Reported in : (1976)17GLR977

..... to enact a law that no appeal v shall lie against an order relating to an assessment of tax unless the tax had been paid. such a provision was on the statute book in section 30 of the indian income tax act, 1922....any requirement for the discharge of that liability or the fulfilment of that condition in case ..... larger bench. in one of these special civil applications, the matter arises under the provisions of the bombay sales tax act, 1959, and in the other the question arises under the provisions of the gujarat sales tax act, 1969, but the question is the same in both the matters.2. we now find that the supreme court ..... the question referred to us must be answered in the following manner-the provisions of the relevant sales tax act by which a condition is imposed upon the appellant that he should deposit the amount of the tax assessed before the appeal can be entertained is not violative of article 14 of the constitution and is ..... at page 1249-the bar created by section 406(2)(e) to the entertainment of the appeal by person who has not deposited the amount of tax due from him and who is not able to show to the appellate judge that the deposit of the amount would cause him undue hardship arises out ..... of appeal is conferred on a higher authority subject to the condition that the appeal shall not lie unless the assessee first pays the tax demanded by the authority of the first instance is violative of article 14 of the constitution on the ground that it discriminates between those who pay .....

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Dec 15 1975 (HC)

Commissioner of Income-tax, Gujarat Vs. Bombay Mineral Supply Co. (P.) ...

Court : Gujarat

Decided on : Dec-15-1975

Reported in : [1978]112ITR577(Guj)

..... question before the court was whether the issue of bonus shares by the assessee-company was distribution of profits as dividends as required by section 23a(1) of the indian income-tax act but the question of issue of bonus shares is now specifically covered by clause (a) of section 2(6a). however, the above observations still hold good in interpreting what type ..... the words 'distribution' and 'paid' or 'payment' and it has observed as under (pages 660, 661) : 'we have to bear in mind that under section 2(6a) of the indian income-tax act, 1922, which is an all-inclusive definition or dividend, five different categories of sums have been included, four of these are distributions by a company and the fifth one is ..... payment by a company. in that definition of 'dividend' the legislature had used the expressions 'distribution ' as well as 'payment' in the indian income-tax act, 1922, as it stood prior to the introduction of the finance act, 1956. with that background it is not possible to say that when the legislature has used the expression 'distributed' in clause (b) of the second ..... section 23a-company to a shareholder, exceeded the accumulated profits of the company, the entire accumulated profits would be liable to be taxed as dividend in the hands of the shareholder under section 2(6a)(e) of the indian income-tax act, 1922, and that not only that part of the loan which represents the proportionate share of the shareholder in accumulated profits of .....

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Dec 08 1975 (HC)

Commissioner of Income-tax, Gujarat I Vs. Gujarat State Warehousing Co ...

Court : Gujarat

Decided on : Dec-08-1975

Reported in : [1976]104ITR1(Guj)

..... whether unabsorbed depreciation allowance of earlier years deemed to be part of the depreciation allowance of the current year under section 10(2)(vi) of the indian income-tax act, 1922, can be set oft against income under the heads other than business. but while discussing this question, the court has construed the proviso (b) of sub-section (2) of section 24 of the ..... gains of business for the current year arises in this reference in view of the provisions contained in sections 32(2) and 72(2) of the income-tax act, 1961 (which is hereinafter referred to as 'the act'). 2. short facts of the case, which form the background in which this question arises for our consideration, can be stated as under. the respondent-assessee ..... is deemed to be a part of depreciation allowance of the current year under proviso (b) to section 10(2)(vi) of the indian income-tax act, 1922, can be set off, unlike other business losses, against income other than business income. while considering this question, the court also happened to consider the qualification contained in proviso (b) to sub-section (2) of section 24 ..... the tribunal that the ratio of the decision of the supreme court in the case of commissioner of income-tax v. jaipuria china clay mines (p.) ltd., decided under the provisions of the indian income-tax act, 1922, applies to the instant case under the provisions of the income-tax act, 1961, and that, therefore, the carried forward losses should be deducted first from the current year's .....

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